Europa Oil agrees farmout terms for Irish licences

British exploration company Europa Oil and Gas has tentatively agreed terms with an unnamed major international oil and gas company to develop a significant portion of its Irish offshore licences.

Completion of a deal would allow for Europa and its partners to undertake a drilling campaign in waters along the west coast next year.

Ireland is a key region for the British company, with it sitting on about five billion barrels of oil and 2.5 trillion cubic feet of gas in six offshore licences here.

Since last summer it has been seeking a development partner for about half of its Irish assets.

Updating shareholders, Europa said that it has now agreed terms with the north-west Europe division of a major international oil and gas company and is awaiting “a final investment decision from their head office.”

The tentative agreement includes investment in Europa’s flagship Irish asset, the Inishkea gas project which lies adjacent to the Corrib field.

The former boss of an international automotive parts manufacturing firm - whose main shareholder is registered in Sandyford, Dublin - is entitled to €1.5m worth of shares after he was fired for allegedly failing to address the company's financial difficulties, the High Court has ruled.

Sterling slipped further and Irish shares fell sharply as fears of investors rose that the political turmoil in the UK will lead to Boris Johnson becoming leader, and Britain crashing out of the EU without a deal.